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Eni complied with the audit procedures

In the operation Eni complied with its internal policies and international best practices and carried out all accounting and industrial checks. IT IS A FALSE CLAIM to state that Eni infringed the audit procedures.

The truth

Eni ensured full compliance with the procedures and due diligence throughout the block purchasing process.

Full compliance with the internal procedures and due diligence

Two factors underline the appropriate behaviour of Eni:

  • The fairness of the financial offer, which was made following a detailed analysis of the quality of Block 245, taking into account geological, technical, and financial aspects. This analysis was carried out by a team of about 80 people.
  • There was full compliance with due diligence procedures, internal protocols, and the relevant best practices to ensure the operation was conducted with the utmost probity. During the negotiations, Eni also hired leading international consultants (including TRAG, a UK-based business intelligence and investigation company) and independent Nigerian legal firms (Paul Erokoro and Aluko & Oyebode).